Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-04-26
SIR EDW'D THORNTON.
gE ARRIVED IN NEW YORK on SUE.
DAY MORNING.
will Reach Richmond Thursday, and
Has Proposition to Make.

IuIk va tut IsuuIld Ou Dduuh1' aS0
terday Sir Edward telegraphed Mr.. w.
L. Royal here informing him of his
arrival, and stating that he would reach
this city on Thursday morning. Mr..
Royal was requested TO secure a suit
Of rooms for the party, and he will
make arrangements at the Exchange.
Before coming here Sir Edward will
stop in Washington some days,
WHAT THE "woRLD" SAYS.
The New York World of yesterday
says;
The party are stopping at the Claren-
don. They come to negotiate a settle
ment with the Virginia Legislature re-
latiye TO the bonds Of that State held
in England. The foreign bondholders
are dissatisfied with what is known as
the d" Riddleberger compromise and
want to have it changed for their bene
fit. Sir Edward Thornton comes az
chairman and diplomat of this commits
sion. S. NJ. Brathwaite, its business
head, is fully convcrsant with the debt
of Virginia and understands all its po-
litical significance. The I'M
portance of this mission in its effect
upon tho politics of Virginia, and pos
sibiy the country, is greater than at
first sight may appear. The agitation
Of the debt question dates back 10 1871,
and il was this bone of contention that
brought Malone into power. Mer-
chants and businessmen were anxious
for q settlement. The taxpayers in
the cities are willing to pay little
more than the Eiddieberger bill calls
for, hat the rural districts are in favor
of reputation.
"Ihe party that settles the debt
question satisfactorily will carry the
State" said n prominent Richmond
banker yesterday to II'0rid reporter
Representative businessmen have
gotten up n petition urging the settle
ment of the debt that will be presented
to Sir Edward Thornton. Awarm time
is looked for, and all depends on the
nobleman."
"Sir Edward Thornton tolda World
reporter yesterday that he and hisparty
would 90 to Richmond Thursday. Be-
fore leaving England Governor Fitz-
hugh Lee telegraphed them that the
Legislature would remain in session
until they arrived and heard their pro-
position. The Legislature adjourned a
few weeks ago, but meets again the first
Monday in May. itmeetsto-morrow.-
Dispotch.l 1t would hardly be fair to
tell at present what proposition We will
make, but we have Il good one, and of
course hope for the best. Mr.. Braith-
waite is with me as a colleague, andwe
will put the question at once.
II believe" said the Richmond
banker yesterday, "that if any attempt
is made to go behind the Riddleberger
measure the country will vote to re-
Iudiate the debt"
SIR EDWARD THORNTON's MISSION.
The HcTdd says:
Sir Edward was not disposed to be
communicative as to the terms of settle
ment proposed by the foreign bond
holders, but expressed the belief that
the State of Virginia, under present
condition, was abundantly able to pay
her debt, and that such payment would
rccstablish her credit abroad.
He declined to say positively what |
amount of the debt was held by the
foreign bondholders whom he repre-
sents for the reason that lie could not
trust his memory where figures were
concerned, but admitted that it was
very large. The bonds held in Eng
land were all issued prior to 1861 (O,
and were to have borne 6 per cent. in
tcrest. OF course when the war broke
ont interest lapsed, and after the war
tie State was so thoroughly impoy-
erishcd that payment was practically
impossible. lie thought the total
amount of bonds issued was abont |
5O,000, GOO, of which, by an agree
ment entered into in 1871, Virginia |
was TO assume two thirds and West
Virginia, the new State cut off from
her territory just after the close of the
war, one third. Under this agreement
interest," at the rate of [sixl per cent. !
Was TO be paid and the coupons were |
TO he receivable for taxes. Not long
after this agreement was made the cou-
pons were refused in payment for
taxes, and since that time had practi-
callv had no market value. He had
heard, he said, that Virginia had made |
great progress in recent years, and had
some hope of bringing his mission to a
satisfactory close. When asked whether
tle English bondholders would be con-
tented TO accept the terms proposed by |
~ - a IL. LII hn raVNlfOI
''No, l do not think any of the for
cicn bondholders will accept this pro-
position. and / am certain that none |
have accepted it thus far. 1t coAtem-
plated the payment of 3 per cent. IN
tdest. = The fact is, though,
that the refusal to accept the coupons
in payment of taxes after the agreement
of 1871, and the failure to pay any in
terest at all, destroyed the value of the
bonds, and necessarily the foreign
credit of the State. am not prepared
to predict what the result of my mission
will he and, of course, the length. OF
nv stay will depend largely upon the
success my negotiations meet with. ~
Legislative Committee.
This committee Speaker Stuart
clairman) met in the Auditors office
yosterday-present all the members ex,
cent Senator Rhea, who had not reached
the city.
1t was agreed that the future meet
incs of the committee should be held III
the Allen house. at the northeast cor
ner of Broad and Twelfth streets, the
building occupied by the Superintend-
ent of Public Instruction. /
The committee spent all the time of
Y, sterday's session familiarizing them
selves with the figures concerning the
dcbt. to the end that they may deter
mine if. with her present revenues
reduced nearly 100000 by the recent
tax decision), Virginia can
DO any more than pay 3 per cent: in
terest ON S22, 600, 900 of the debt. The
deeper they dive into the books the |
more certain it appears that nothing
more dare be undertaken, without an
ircrfase of taxation.
The committee viii meet again this
,,.,,;no, az m o'clock